Two-fifths (41%) of employees believe their quality of work is affected when they are uneasy about the state of their finances, according to research by financial wellbeing provider Salary Finance.
Its survey of around 10,000 UK employees also found that 77% trust their employer to treat their financial situation as confidential.
Asesh Sarkar, chief executive officer at Salary Finance, said: “Employers are in a unique position to provide support, through financial education, salary-deducted savings, advances and loans, to help employees increase their financial fitness and ultimately improve their financial wellbeing. The added dividend for businesses comes in the form of a happier, healthier and more productive workforce.”
Two-fifths (40%) of UK employees have financial worries; of this group, 73% experience stress and 46% suffer from depression. Of the respondents that earn more than £100,000 a year, 55% state that they suffer from anxiety and panic attacks, while 53% say they experience depression. Furthermore, 53% of respondents overall think they lack financial resilience.
The research also found that UK employees take 1.5 days off work a year because of financial stress.
Sarkar added: “As April is National Stress Awareness Month, we wanted to further highlight the issue of financial stress and the impact this can have on people, particularly in the workplace. This added level of stress is something that employers need to address by removing the taboo of talking about money worries in the workplace.”
